Wednesday, June 23, 2010

The bailout is in the eye of the beholder?

The real charade is Canada's preaching to the world about the strengths of Canada's banking system -- and using that "strength" to lead the opposition to an international bank tax -- while giving Canada's banks a massive bailout.

The financial media have virtually ignored Ottawa's $200-billion low-interest line of credit to help Canada's banks weather the recession and the Canada Mortgage and Housing Corp.'s $125-billion purchase of questionable mortgages and other rotten paper held by the banks when the crash came in the fall of 2008.